DDM Analysis: ELMD3.SA

Valuation Snapshot

Stable Growth	$132.42 - $156.01	$146.20
Multi-Stage	$59.01 - $64.75	$61.82
Blended Fair Value	$104.01
Current Price	$30.10
Upside	245.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	103.20%	7.23%	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.28%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.11
(-) Cash Dividends Paid (M)	12.06
(=) Cash Retained (M)	100.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.42	14.01	8.41
Cash Retained (M)	100.05	100.05	100.05
(-) Cash Required (M)	-22.42	-14.01	-8.41
(=) Excess Retained (M)	77.63	86.04	91.64
(/) Shares Outstanding (M)	142.91	142.91	142.91
(=) Excess Retained per Share	0.54	0.60	0.64
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.54	0.60	0.64
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	4.39%	4.39%	4.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$132.42	$146.20	$156.01
Upside / Downside	339.93%	385.73%	418.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.11	119.39	127.15	135.42	144.22	153.59	158.20
Payout Ratio	10.75%	26.60%	42.45%	58.30%	74.15%	90.00%	92.50%
Projected Dividends (M)	12.06	31.76	53.98	78.95	106.94	138.24	146.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.39%	4.39%	4.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	30.14	30.43	30.71
Year 2 PV (M)	48.61	49.53	50.47
Year 3 PV (M)	67.46	69.40	71.37
Year 4 PV (M)	86.72	90.05	93.48
Year 5 PV (M)	106.37	111.51	116.84
PV of Terminal Value (M)	8,093.05	8,483.95	8,889.80
Equity Value (M)	8,432.34	8,834.86	9,252.68
Shares Outstanding (M)	142.91	142.91	142.91
Fair Value	$59.01	$61.82	$64.75
Upside / Downside	96.03%	105.39%	115.10%

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Eletromidia S.A. (ELMD3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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